In 1768, the first pioneer arrived, a certain Duncan McRae, a soldier of the Seaforth Highlanders and native of Dundee in Scotland. His friend and fellow soldier John Ross, who served in General Wolfe's army, is thought to be the one that attributed the name "Hope" to the place. In 1786, a wave of Loyalists followed and the village was really established.
In 1936, the place separated from Hope Township and was incorporated as the Municipality of Hope East. In 1953, it was renamed to Hope Town.